Beneath the glistening lights of the New York Auto Show, BMW officially presented "The Ultimate Gap Filler," a 3 Series that approaches the power and visual élan of the M3 for considerably less money. It's called the 335is.

But before we go any further, let's get this turbo thing straight. The "ordinary" 2011 BMW 335i Sedan and Coupe use a new 3.0-liter inline-6 engine, dubbed N55, that employs a single twin-scroll turbocharger combined with Valvetronic variable valve timing and lift and direct fuel injection. Yet the perfectly good N54 twin-turbo 3.0-liter inline-6 that we've come to know and love in the former 335i is still around, and is said to be better suited to higher-horsepower applications.

Got that? So now, the old girl has been enlisted for duty in the 335is, bumped to 320 bhp and 332 lb.-ft. of torque, with an overboost function that allows joyous 7-second intervals with as much as 370 lb.-ft. Transmission choices are traditional (6-speed manual ) and cutting-edge (the 7-speed Dual Clutch Transmission, now actuated with generously sized steering wheel paddles that are dedicated side-to-side for upshifts and downshifts).

And it's more than a simple engine swap, as the 335is models get M sport bodywork including an aggressive front fascia, aero-sculpted side sills, a dramatic body-colored rear diffuser and split-spoke 18-in. M sport wheels painted a stealthy ferric grey. There's also black-out window trim, a black chrome finish for the twin round tailpipes and, for the first time, a satin black finish on the trademark double kidney grilles. In a nod to function over style, the Coupe version forgoes foglights, done to increase the duct area for both the offset additional coolant radiator and remote engine oil cooler.

Inside, there are M bits galore, including a sport steering wheel, seats, sills and shift knob. Instrumentation gets fancier with dark gray gauge faces set off with white pointers, and aluminum trim embossed with a diamond pattern and painted a dark glacier silver. iDrive, noticeably improved in this latest iteration, is standard with an 8.8-in. display.

Actually, we were allowed to drive the 335is Coupe well before the New York show...a sum total of eight rain-slick laps around Portugal's famed Estoril circuit. But I can say its Sport-spec suspension and 140-treadwear Bridgestone Potenza RE050A tires (225 mm front, 255 mm rear) offered reassuring grip, stability and composure in a chassis that simply refuses to do anything wrong or make its driver look bad. BMW claims a 0-60 time of 5 seconds flat with the DCT gearbox, easy to believe as we're rocketing out of Estoril's low-speed sweepers with an instant, gratifying hit of torque. Brakes carry over from the regular 2011 335i, but their rotors are generously sized (13.7 in. front, 13.2 in. rear) and only hinted at fade toward the end of the lapping session. And this sucker sounds good too, its sport exhaust issuing a lower-pitched resonant note that's way short of obnoxious.

It's quite a car, one that narrows the gap between it and the M3, for nearly $9000 less—the Coupe is $50,525, and the Convertible lists for $59,075.